2007-03-31 02:18:38 · 4 answers · asked by oobb123 1 in Business & Finance ➔ Credit
the only thing the company has done with the debt is to categorize the debt as more than likely they will not recover their money.therefore they must set aside moneys on their balance sheet to cover the loss...the debt is not forgiven in any manner.....your best bet for a settlement is to face them in person and propose a settlement..more than likely they will settle for 50 cents on the dollar...if the debt has been assigned to a collection agency,the probability of a settlement is less likely as they take a percentage of the money recovered and send just a portion to the lender.
2007-03-31 02:39:50 · answer #1 · answered by khziggy1 1 · 0⤊ 0⤋
If the charge off is on your credit report, then the damage is done. I would only settle if they agree to remove the negative entries from your credit report.
If the charge off has not yet hit your credit, offer to pay in full for keeping the negative entry off your report
Make sure all negotiations are in writing, and all mail is sent certified return receipt.
2007-03-31 09:37:13 · answer #2 · answered by Matt 4 · 0⤊ 0⤋
Let the professionals negotiate the terms of the settlement for you for best results. Check out the free evaluation form at the source website.
2007-04-01 11:11:33 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
You have the right to a trashed credit rating. If you want to clear the debt, contact them and work out a payment plan. You may want to negotiate how this will be reported to the credit agencies. They may be willing to show you as "paid as agreed" in exchange for payment in full; it won't hurt to ask.
2007-03-31 09:26:15 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋